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Budget to be passed today

Duties on a number of items withdrawn
Finance Minister Shah A M S Kibria has withdrawn duties on a number of items proposed in the new budget, but rejected the plea for withdrawing the much-talked import surcharge, reports UNB.
Winding up general debate on the budget for fiscal 1997-98 in Parliament last night, he also rejected the demand for keeping some items like slippers and nails out of the value added tax (VATJ net.
The budget will be passed today.
The minister withdrew the 2.5 per cent duty on raw cotton and reduced the proposed duty of 7.5 per cent on textile machinery and textile air conditioners to 2.5 per cent "considering the heed of backward linkage for readymade garments and national priority."
But the duty advantage would be in effect up to December 31, 1999, he said. "I hope the textile industrial sector would
be able to bear the minimum tax-load within the time by increasing efficiency."
But Kibria spoke strongly in favour of the proposed Infrastructure Development Surcharge and said the alternative of such a low rate surcharge was to impose duties at a higher rate on many more items.
It can be a reason for more misery of the consumers and
local industry, he said, adding that he preferred to impose a 'tolerable and wide-basea' tax to imposing a series of higher duties and taxes,
He claimed that the possibility of negative impact of the surcharge on the price level and local industry is very less because of its low rate.
The Finance Minister withdrew the proposal to increase the duty on scrap ship from 7.5 per cent to 15 per cent. But opportunity of the 7.5 per cent duty would be in effect upto December 31, 1999. he said.
He also withdrew the proposal to raise the duty on some drugs and their raw materials from zero to 2.5 per cent, just only for the 1997-98 fiscal year, considering the interests of the sick and the distressed people.
Proposal to impose 2.5 per cent duty on 3.45 horse power diesel engine has also been withdrawn.
Pointing at the expansion of VAT on three items, including slippers made of plastic ana rubber, which were outside the VAT net earlier, Kibria said there was no logic behind the VAT exemption.
He tola the House that the manufacturers of these items would not have to pay VAT or turnover tax if those are produced under cottage industries. He said the manufacturers of slippers were convinced with his explanation.
About withdrawal of the cottage industry facility from seven items, the Finance Minister said the units whose turnover tax is lower than Tk 15 lakh will pay turnover tax at the rate of 4 per cent instead of 15 per cent VAT.
Reconsidering the earlier duty proposal, ne announced that washing soap would continue to enjoy the cottage industry facility.
In his more than hour-long deliberation, Kibria dwelt on the achievements of the government and failures of the previous BNP government. He castigated the opposition party for its failures.
Earlier in his speech, former finance minister Saifur Rahman suggested increased mobilisation of domestic resources for industrialisation, poverty alleviation and employment generation.
He stressed on good governance and maintenance of law and order to Increase local investments and attract foreign investment.
The BNP lawmaker favoured imposition of taxes to raise revenue earnings of the government and lessen country's dependence on foreign assistance but said the common people
should not be subjected to the load of fresh taxes.
Referring to "irrelevant and vindictive" words hurled at each other in the House during discussion on the proposed budget. Saifur Rahman regretted, "Such practice will divide the nation. We should practice a politics of competition not of vindictive nature."
Saifur Rahman said he expected from a political party like AL a budget containing "political elements" but it lacked those.
The former finance minister was critical of proposed taxes on small industries.
Commerce and Industries Minister Tofael Ahmed claimed that his party had implemented all its election pledges through the proposed budget.
He claimed that the low pace of industrialisation over the last one year was because the BNP had left the national economy in a very bad shape. His government has streamlined the economy by adopting various pragmatic measures under the able leadership of Sheikh Hasina, he claimed.
Deputy Leader of the Opposition Prof Badruddoza Choudhury said the budget was a "complementary" to the budget of India and said so it could not be accepted.
He also demanded withdrawal of proposed taxes and the infrastructure development surcharge for the benefit of the common people.
BNP Secretary General Abdul Mannan Bhuiyan alleged that the Treasury Bench gave untrue statements on the floor of the House about BNP's governance. Mannan Bhuiyan challenged the ruling party to prove that 18 farmers were killed while BNP was in power.